MINISTER for National Development Lawrence Wong said the government factored in the drop in the number of remaining unsold private homes, as well as the corresponding pick-up in new private home sales at a monthly average rate of 600 units over the last 12 months, in minting the second-half state land sales programme.
In a blog post titled “Finding The Right Balance” on Wednesday following the Ministry of National Development’s release of the Government Land Sales (GLS) Programme for H2 2016, Mr Wong said the authorities also factored in the actual land supply for private homes committed to in the first six months of 2016. This worked out to 2,130 homes, higher than the 1,560 homes offered (on the confirmed list) in the GLS programme over the same period, due to the successful sale of a reserve list site in New Upper Changi Road in February 2016. Upcoming executive condo include Treasure Crest and Northwave EC while existing ones include The Terrace EC, Brownstone EC, The Visionaire EC, Parc Life EC , Waterwoods EC, Signature at Yishun, Skypark Residences, Wandervale EC, The Vales EC, The Criterion EC, Bellewaters EC, Bellewoods EC.
“With these in mind, we have increased the supply of new private homes on the H2 2016 confirmed list to match the actual committed supply in the first half of the year,” he added.
“So over the next six months, we will sell four sites on the confirmed list, which are expected to yield around 2,170 private homes.”
“If we were to include the sites on the reserve list, we will have a total potential supply in the second half of the year that is similar to what was provided previously in H1 2016. All this will help to meet the current demand for new housing sites from developers, and add to private housing supply over the medium term,” Mr Wong said.
The government has continued to focus on sites in suburban areas, as these are the preferred locations for most first-timers and upgraders. In line with this, two of the sites from the latest GLS programme are in areas Outside the Central Region – along Fernvale Road in Sengkang and West Coast Vale in Clementi – which can provide about 1,150 new homes.
Mr Wong also highlighted a new site being offered on the confirmed list, in Upper Serangoon Road, close to the upcoming Bidadari HDB estate, for a mixed-use development comprising residences and a commercial complex. “This complex will house retail and food outlets, offering many conveniences to the future residents of Bidadari Estate,” he added.
“The new private homes from these sites should be completed around 2020. They will provide more choices for families looking for suburban private homes. Over the coming years, MND will continue to provide a steady supply of land for private housing.
“We are mindful that excessive supply in a weak market can exacerbate a decline in prices. At the same time, insufficient supply can result in a future shortage and an unwarranted spike in housing prices when demand picks up. So we will continue to monitor the market closely, and find the right balance to ensure sustainable housing prices and a stable property market,” the Minister concluded in his blog.